<SEC-DOCUMENT>0000900092-11-000285.txt : 20110627
<SEC-HEADER>0000900092-11-000285.hdr.sgml : 20110627
<ACCEPTANCE-DATETIME>20110627111613
ACCESSION NUMBER:		0000900092-11-000285
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110430
FILED AS OF DATE:		20110627
DATE AS OF CHANGE:		20110627
EFFECTIVENESS DATE:		20110627

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND, INC.
		CENTRAL INDEX KEY:			0001051004
		IRS NUMBER:				223559052
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-08573
		FILM NUMBER:		11932173

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		800-441-7762

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK MUNIHOLDINGS CALIFORNIA INSURED FUND, INC.
		DATE OF NAME CHANGE:	20070611

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIHOLDINGS CALIFORNIA INSURED FUND
		DATE OF NAME CHANGE:	20000828

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIHOLDINGS CALIFORNIA INSURED FUND II INC/
		DATE OF NAME CHANGE:	19980120
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>mucfinal.htm
<DESCRIPTION>BR MUNIHOLDINGS CALIFORNIA QUALITY FUND, INC.
<TEXT>

<HTML>
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   <TITLE>mucfinal.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<P style="text-align: center;">
<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">UNITEDSTATES</FONT><BR>
<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">SECURITIESANDEXCHANGECOMMISSION</FONT><BR>
<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">Washington,D.C.20549</FONT><BR>
<BR>
<B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">FORM N-Q</FONT></B><BR>
<BR>
<B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED</FONT></B><BR>
<B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">MANAGEMENT INVESTMENT COMPANY</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Investment Company Act file number 811-08573</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Name of Fund: BlackRock MuniHoldings California Quality Fund, Inc. (MUC)</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">MuniHoldings California Quality Fund, Inc., 55 East 52</FONT><SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">nd </FONT></SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Street, New York, NY 10055</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Registrant&#146;s telephone number, including area code: (800) 882-0052, Option 4</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date of fiscal year end: 07/31/2011</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date of reporting period: 04/30/2011</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 1 &#150; Schedule of Investments</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>BlackRock MuniHoldings California Quality Fund, Inc. (MUC)</FONT><BR><FONT color=#000080 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Schedule of Investments </FONT><FONT color=#000080 size=2 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>April 30, 2011 (Unaudited) <BR></FONT><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(Percentages shown are based on Net Assets)</FONT></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="50%"></TD>

   <TD width="6%"></TD>

   <TD width="13%"></TD>

   <TD width="28%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Par</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Municipal Bonds</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(000)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Value</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=middle><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>California &#8212; 116.2%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Corporate &#8212; 0.5%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>City of Chula Vista California, Refunding</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>RB, San Diego Gas &amp; Electric,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series A, 5.88%, 2/15/34</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 2,435</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 2,535,760</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>County/City/Special District/School District &#8212; 48.2%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Alameda County Joint Powers Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Refunding RB, Lease (AGM), 5.00%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>12/01/34</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>13,180</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>12,736,625</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Bonita Unified School District California,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>GO, Election of 2004, Series B</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(NPFGC), 5.00%, 8/01/29</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>8,350</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>8,453,206</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Central Unified School District, GO,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Election of 2008, Series A (AGC),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.63%, 8/01/33</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,600</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,641,782</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>City of Garden Grove California, COP,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series A, Financing Project (AMBAC),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.50%, 3/01/26</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,040</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,166,008</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>City of Lodi California, COP, Refunding,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series A (AGM), 5.00%, 10/01/32</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,080</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,042,352</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>City of Redding California, COP,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Refunding, Series A (AGM), 5.00%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>6/01/30</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5,735</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5,692,905</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Colton Joint Unified School District, GO,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series A (NPFGC), 5.38%, 8/01/26</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,500</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,541,150</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Corona Department of Water &amp; Power,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>COP (NPFGC), 5.00%, 9/01/29</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5,910</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5,610,186</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>County of Kern California, COP, Capital</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Improvements Projects, Series A</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(AGC), 6.00%, 8/01/35</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3,500</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3,715,495</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Covina-Valley Unified School District</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>California, GO, Refunding, Series A</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(AGM), 5.50%, 8/01/26</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,395</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,496,907</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Culver City Redevelopment Finance</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Authority California, Tax Allocation</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Bonds, Refunding, Series A (AGM),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.60%, 11/01/25</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3,750</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3,796,387</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Fullerton Joint Union High School District</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>California, GO, Election of 2002,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series B (NPFGC), 5.00%, 8/01/29</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>6,685</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>6,779,058</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Grossmont Healthcare District, GO,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Election of 2006, Series B, 6.13%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>7/15/40</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,000</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,102,060</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Jurupa Public Financing Authority, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Superior Lien, Series A (AGM):</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.00%, 9/01/30</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,000</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3,850,960</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="50%"></TD>

   <TD width="7%"></TD>

   <TD width="19%"></TD>

   <TD width="22%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Par</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Municipal Bonds</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(000)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Value</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=middle><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>California (continued)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>County/City/Special District/School</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>District (continued)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Jurupa Public Financing Authority, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Superior Lien, Series A (AGM)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(concluded):</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.00%, 9/01/33</FONT>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 2,000 </FONT></TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$<FONT size=3 face="Times New Roman">&nbsp;</FONT>1,862,420</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.00%, 9/01/39</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,230</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3,783,185</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Los Angeles Community Redevelopment</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Agency California, RB, Bunker Hill</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Project, Series A (AGM), 5.00%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>12/01/27</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>10,000</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>10,176,900</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Los Angeles County Metropolitan</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Transportation Authority, Refunding</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>RB, Proposition A, First Tier, Senior</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series A (AMBAC), 5.00%, 7/01/35</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>9,000</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>9,059,940</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Los Gatos Union School District</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>California, GO, Election of 2001,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series B (AGM), 5.00%, 8/01/30</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,735</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,780,866</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Los Rios Community College District, GO,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Election of 2008, Series A, 5.00%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>8/01/35</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>11,000</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>10,683,090</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Marin Community College District, GO,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Election of 2004, Series A (NPFGC),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.00%, 8/01/28</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5,760</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5,807,866</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Orange County Sanitation District, COP,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series A, 5.00%, 2/01/35</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,500</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,525,425</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Oxnard Union High School District, GO,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Refunding, Election of 2004, Series A</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(AGM), 5.00%, 8/01/35</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>10,000</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>9,631,900</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Peralta Community College District, GO,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Election of 2000, Series D (AGM),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.00%, 8/01/35</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>15,490</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>14,596,537</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Port of Oakland, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series M, AMT (NPFGC), 5.38%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>11/01/27</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>24,465</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>23,121,627</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Redlands Unified School District</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>California, GO, Election of 2008</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(AGM), 5.25%, 7/01/33</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5,000</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5,020,350</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Redwoods Community College District,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>GO, Election of 2004 (NPFGC), 5.00%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>8/01/31</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,630</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,548,651</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Riverside Unified School District</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>California, GO, Election of 2001,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series B (NPFGC), 5.00%, 8/01/30</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>10,735</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>10,694,744</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Saddleback Valley Unified School District</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>California, GO (AGM), 5.00%, 8/01/29</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,115</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,131,830</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="6%"></TD>

   <TD width="39%"></TD>

   <TD width="15%"></TD>

   <TD width="38%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb colSpan=2 align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Portfolio Abbreviations</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=4 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>according to the following list:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>AGC</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Assured Guaranty Corp.</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>CAB</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Capital Appreciation Bonds</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>AGM</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Assured Guaranty Municipal Corp.</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>COP</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Certificates of Participation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>AMBAC</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>American Municipal Bond Assurance Corp.</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>GO</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>General Obligation Bonds</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>AMT</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Alternative Minimum Tax (subject to)</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>NPFGC</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>National Public Finance Guarantee Corp.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>BHAC</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Berkshire Hathaway Assurance Corp.</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>RB</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Revenue Bonds</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="61%"></TD>

   <TD width="30%"></TD>

   <TD width="7%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND, INC.</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2011</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>BlackRock MuniHoldings California Quality Fund, Inc. (MUC)</FONT><BR><FONT color=#000080 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Schedule of Investments</FONT><FONT color=#000080 size=2 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(continued) <BR></FONT><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(Percentages shown are based on Net Assets)</FONT></P>

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   <TD style="TEXT-INDENT: 1px" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Par</FONT>&nbsp;</TD>

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   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Municipal Bonds</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(000)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 6px" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Value</FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" bgColor=#bfd5eb align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>California (continued)</FONT>&nbsp;</TD>

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   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>County/City/Special District/School</FONT>&nbsp;</TD>

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   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>District (concluded)</FONT>&nbsp;</TD>

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   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>San Bernardino Community College</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>District, GO, Election of 2002,</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 1px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series A, 6.25%, 8/01/33</FONT>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 310</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 339,425</FONT>&nbsp;</TD></TR>

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   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>San Diego Community College District</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>California, GO, Election of 2002</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(AGM), 5.00%, 5/01/30</FONT>&nbsp;</TD>

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   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>7,000</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>7,020,090</FONT>&nbsp;</TD></TR>

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   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>San Diego Regional Building Authority,</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>RB, County Operations Center &amp;</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Annex, Series A, 5.50%, 2/01/29</FONT>&nbsp;</TD>

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   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>830</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>863,374</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>San Francisco Community College</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>District California, GO, Election of</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2001, Series C (AGM), 5.00%,</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>6/15/31</FONT>&nbsp;</TD>

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   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,195</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,207,921</FONT>&nbsp;</TD></TR>

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   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>San Jose Evergreen Community College</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>District California, GO, Refunding, CAB,</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Election of 2004, Series A (NPFGC),</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.17%, 9/01/24 (a)</FONT>&nbsp;</TD>

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   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>10,410</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,906,129</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>San Jose Financing Authority, RB,</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Convention Center Expansion &amp;</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Renovation Project:</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.75%, 5/01/36</FONT>&nbsp;</TD>

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   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,560</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,565,504</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.75%, 5/01/42</FONT>&nbsp;</TD>

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   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,500</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,500,000</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>San Mateo County Transportation</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>District California, Refunding RB,</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series A (NPFGC), 5.00%, 6/01/29</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5,650</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5,752,095</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Santa Clara Redevelopment Agency</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>California, Tax Allocation Bonds,</FONT>&nbsp;</TD>

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   <TD align=left>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Bayshore North Project, Series A</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(AMBAC), 5.50%, 6/01/23</FONT>&nbsp;</TD>

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   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>10,000</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>10,003,100</FONT>&nbsp;</TD></TR>

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   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Snowline Joint Unified School District,</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>COP, Refunding, Refining Project</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(AGC), 5.75%, 9/01/38</FONT>&nbsp;</TD>

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   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5,635</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5,955,293</FONT>&nbsp;</TD></TR>

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   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Vista Unified School District California,</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>GO, Series A (AGM), 5.25%, 8/01/25</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>10,000</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>10,265,900</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Walnut Valley Unified School District</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>California, GO, Election of 2007,</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Measure S, Series A (AGM), 5.00%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2/01/33</FONT>&nbsp;</TD>

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   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,000</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,958,300</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Walnut Valley Unified School District,</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>GO, Election of 2007, Measure S,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series A (AGM), 5.00%, 8/01/30</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>990,170</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>West Contra Costa Unified School</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>District California, GO (AGM):</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

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   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Election of 2002, Series B, 5.00%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>8/01/32</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>6,690</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>6,672,138</FONT>&nbsp;</TD></TR>

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   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Election of 2005, Series A, 5.00%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>8/01/26</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,595</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,650,611</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>West Contra Costa Unified School</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>District, GO, Election of 2005, Series A</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(AGM), 5.00%, 8/01/35</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>12,000</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>11,622,120</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Westminster Redevelopment Agency</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>California, Tax Allocation Bonds,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Subordinate, Commercial</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Redevelopment Project No. 1 (AGC),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>6.25%, 11/01/39</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,300</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,680,163</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>270,002,745</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Education &#8212; 11.5%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Anaheim City School District California,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>GO, Election of 2010 (AGM), 6.25%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>8/01/40</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3,750</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3,952,800</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="50%"></TD>

   <TD width="6%"></TD>

   <TD width="13%"></TD>

   <TD width="28%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Par</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Municipal Bonds</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(000)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Value</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" bgColor=#bfd5eb align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>California (continued)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Education (concluded)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>California State Public Works Board, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>University of California, Institute</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Project, Series C (AMBAC), 5.00%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4/01/30</FONT>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 5,025</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 4,952,288</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>California State University, Refunding</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>RB, Systemwide, Series C (NPFGC),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.00%, 11/01/35</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>10,000</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>9,143,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Gavilan Joint Community College District,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>GO, Election of 2004, Series D (b):</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.50%, 8/01/31</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,170</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,245,473</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.75%, 8/01/35</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>7,150</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>7,372,865</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Riverside Community College District,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>GO, Election of 2004, Series C (AGM),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.00%, 8/01/32</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>8,750</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>8,659,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>San Diego Community College District,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>GO, Election of 2006 (AGM), 5.00%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>8/01/30</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>8,685</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>8,721,390</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>University of California, RB:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Limited Project, Series D (AGM),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.00%, 5/15/37</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5,950</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5,772,869</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series L, 5.00%, 5/15/36</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,995</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,915,662</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>University of California, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>General, Series A (AMBAC), 5.00%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5/15/27</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>10,500</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>10,617,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>64,353,147</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Health &#8212; 5.2%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>ABAG Finance Authority for Nonprofit</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Corps, Refunding RB, Sharp</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Healthcare:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>6.25%, 8/01/39</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5,000</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,986,250</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series A, 6.00%, 8/01/30</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,250</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,229,480</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>California Health Facilities Financing</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Authority, Refunding RB:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Catholic Healthcare West, Series A,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>6.00%, 7/01/34</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3,700</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3,732,893</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Sutter Health, Series B, 6.00%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>8/15/42</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>7,155</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>7,255,957</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>California Statewide Communities</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Development Authority, RB, Health</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Facility, Memorial Health Services,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series A, 6.00%, 10/01/23</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,915</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5,045,444</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>California Statewide Communities</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Development Authority, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Kaiser Permanente, Series A (BHAC),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.00%, 4/01/31</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,400</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,312,836</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>City of Newport Beach California, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Hoag Memorial Hospital Presbyterian,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>6.00%, 12/01/40</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,820</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,868,667</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>29,431,527</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>State &#8212; 2.0%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>California Community College Financing</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Authority, RB, Grossmont-Palomar-</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Shasta, Series A (NPFGC), 5.63%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4/01/26</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,180</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,188,916</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>California State Public Works Board, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Department of Education, Riverside</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Campus Project, Series B, 6.50%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4/01/34</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3,670</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3,819,296</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="80%"></TD>

   <TD width="19%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2 BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND, INC.</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2011</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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<P style="TEXT-ALIGN: left"><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>BlackRock MuniHoldings California Quality Fund, Inc. (MUC)</FONT><BR><FONT color=#000080 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Schedule of Investments </FONT><FONT color=#000080 size=2 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(continued) <BR></FONT><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(Percentages shown are based on Net Assets)</FONT></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="50%"></TD>

   <TD width="6%"></TD>

   <TD width="13%"></TD>

   <TD width="28%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Par</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Municipal Bonds</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(000)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Value</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" bgColor=#bfd5eb align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>California (continued)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>State (concluded)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>California State University, Refunding</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>RB, Systemwide, Series C (NPFGC),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.00%, 11/01/28</FONT>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 5,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 4,976,900</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>10,985,112</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Transportation &#8212; 17.2%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>City of Fresno California, RB, Series B,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>AMT (AGM), 5.50%, 7/01/20</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,455</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,557,866</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>City of San Jose California, RB, Series D</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(NPFGC), 5.00%, 3/01/28</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>7,500</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>7,250,850</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>County of Orange California, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series B, 5.75%, 7/01/34</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>6,345</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>6,652,859</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>County of Sacramento California, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Senior Series B:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.75%, 7/01/39</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,650</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,671,412</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>AMT (AGM), 5.75%, 7/01/28</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>13,170</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>13,661,768</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>AMT (AGM), 5.25%, 7/01/33</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>19,525</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>18,829,715</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Los Angeles Harbor Department, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series B, 5.25%, 8/01/34</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5,530</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5,577,447</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Port of Oakland, RB, Series K, AMT</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(NPFGC), 5.75%, 11/01/29</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>19,660</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>19,200,743</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>San Francisco City &amp; County Airports</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Commission, RB, Series E, 6.00%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5/01/39</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>9,650</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>10,111,656</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>San Francisco City &amp; County Airports</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Commission, Refunding RB, Second</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series 34E, AMT (AGM), 5.75%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5/01/24</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5,000</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5,275,800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>San Joaquin County Transportation</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Authority, RB, Limited Tax, Measure K,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series A, 6.00%, 3/01/36</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,400</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,531,088</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>96,321,204</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Utilities &#8212; 31.6%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>City of Escondido California, COP,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Refunding, Series A (NPFGC), 5.75%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>9/01/24</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>465</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>471,017</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>City of Glendale California, RB (AGC),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.00%, 2/01/31</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5,030</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5,064,003</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>City of Los Angeles California, Refunding</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>RB, Sub-Series A:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.00%, 6/01/28</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,000</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,064,800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.00%, 6/01/32</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3,000</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3,028,230</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>City of Santa Clara California, RB, Sub-</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series A (NPFGC), 5.00%, 7/01/28</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>6,050</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>6,056,957</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Dublin-San Ramon Services District,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Refunding RB, 6.00%, 8/01/41</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,000</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,128,920</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>East Bay Municipal Utility District,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Refunding RB, Sub-Series A (AMBAC),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.00%, 6/01/33</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>6,545</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>6,675,442</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>East Valley Water District Financing</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Authority, Refunding RB, 5.00%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>10/01/40</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,070</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3,930,033</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Eastern Municipal Water District, COP,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series H, 5.00%, 7/01/33</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,500</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,447,350</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Los Angeles County Sanitation Districts</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Financing Authority, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Capital Project 14 (BHAC), 5.00%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>10/01/34</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>7,915</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>7,927,110</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Metropolitan Water District of Southern</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>California, RB, Series B-1 (NPFGC),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.00%, 10/01/33</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>9,000</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>9,069,030</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="49%"></TD>

   <TD width="7%"></TD>

   <TD width="20%"></TD>

   <TD width="22%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Par</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Municipal Bonds</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(000)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Value</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" bgColor=#bfd5eb align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>California (concluded)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Utilities (concluded)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Oxnard Financing Authority, RB (NPFGC):</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Project, 5.00%, 6/01/31</FONT>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 10,000 </FONT></TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$<FONT size=3 face="Times New Roman">&nbsp;</FONT>9,679,400</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Redwood Trunk Sewer &amp;</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Headworks, Series A, 5.25%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>6/01/34</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>13,000</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>13,036,010</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Sacramento City Financing Authority</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>California, Refunding RB (NPFGC),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.00%, 12/01/29</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>8,775</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>8,536,495</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Sacramento Municipal Utility District, RB</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(NPFGC):</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Cosumnes Project, 5.13%, 7/01/29</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>36,760</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>36,782,056</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series R, 5.00%, 8/15/33</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>22,150</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>21,201,315</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>San Diego Public Facilities Financing</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Authority, Refunding RB, Senior</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series A, 5.25%, 5/15/34</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,006,490</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>San Francisco City &amp; County Public</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Utilities Commission, RB:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series A (NPFGC), 5.00%, 11/01/32</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>15,000</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>15,051,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series B, 5.00%, 11/01/30</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>14,000</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>14,520,240</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Turlock Public Financing Authority</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>California, RB, Series A (NPFGC),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.00%, 9/15/33</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>6,655</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>6,645,750</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>177,322,248</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Total Municipal Bonds &#8211; 116.2%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>650,951,743</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Municipal Bonds Transferred to Tender</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Option Bond Trusts (c)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" bgColor=#bfd5eb align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>California &#8212; 56.3%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Corporate &#8212; 7.3%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>San Francisco Bay Area Rapid Transit</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>District, Refunding RB, Series A</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(NPFGC), 5.00%, 7/01/30</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>23,100</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>23,559,921</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>University of California, RB, Limited</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Project, Series B (AGM), 5.00%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5/15/33</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>17,397</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>17,190,095</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>40,750,016</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>County/City/Special District/School District &#8212; 22.3%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Contra Costa Community College District</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>California, GO, Election of 2002</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(NPFGC), 5.00%, 8/01/28</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>7,800</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>7,874,022</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Desert Community College District</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>California, GO, Series C (AGM), 5.00%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>8/01/37</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>16,530</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>15,897,893</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Los Angeles Community College District</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>California, GO:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Election of 2001, Series A (NPFGC),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.00%, 8/01/32</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>6,647</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>6,578,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Election of 2003, Series E (AGM),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.00%, 8/01/31</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>11,216</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>11,215,194</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Election of 2008, Series A, 6.00%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>8/01/33</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>9,596</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>10,358,510</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Ohlone Community College District, GO,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Ohlone, Series B (AGM), 5.00%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>8/01/30</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>16,518</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>16,567,131</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="61%"></TD>

   <TD width="30%"></TD>

   <TD width="7%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND, INC.</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2011</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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<!--$$/page=--><A name="page_5"></A><BR>

<P style="TEXT-ALIGN: left"><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>BlackRock MuniHoldings California Quality Fund, Inc. (MUC)</FONT><BR><FONT color=#000080 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Schedule of Investments </FONT><FONT color=#000080 size=2 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(continued) <BR></FONT><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(Percentages shown are based on Net Assets)</FONT></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="49%"></TD>

   <TD width="7%"></TD>

   <TD width="14%"></TD>

   <TD width="28%"></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Municipal Bonds Transferred to Tender</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Par</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Option Bond Trusts (c)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(000)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 6px" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Value</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" bgColor=#bfd5eb align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>California (continued)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>County/City/Special District/School</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>District (concluded)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Poway Unified School District, GO,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Election of 2002, Improvement</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>District 02, Series 1-B (AGM), 5.00%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>8/01/30</FONT>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 10,000</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 9,962,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>San Bernardino Community College</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>District California, GO, Election of</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2002, Series C (AGM), 5.00%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>8/01/31</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>17,770</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>17,348,496</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>San Diego Community College District</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>California, GO, Election of 2002</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(AGM), 5.00%, 5/01/30</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>12,549</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>12,584,931</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>San Francisco Bay Area Transit</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Financing Authority, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series A (NPFGC), 5.00%, 7/01/34</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,499</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,517,834</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>San Jose Financing Authority, Refunding</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>RB, Civic Center Project, Series B</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(AMBAC), 5.00%, 6/01/32</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>14,800</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>14,203,264</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>125,108,075</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Education &#8212; 6.8%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Chaffey Community College District, GO,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Election of 2002, Series B (NPFGC),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.00%, 6/01/30</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>9,905</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>9,926,316</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Riverside Community College District,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>GO, Election of 2004, Series C</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(NPFGC), 5.00%, 8/01/32</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>8,910</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>8,749,086</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>University of California, RB:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Limited Project, Series D (AGM),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.00%, 5/15/41</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>8,000</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>7,710,800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series O, 5.75%, 5/15/34</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>11,190</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>11,907,615</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>38,293,817</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Utilities &#8212; 18.1%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>City of Napa California, RB (AMBAC),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.00%, 5/01/35</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>9,100</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>9,024,561</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>East Bay Municipal Utility District, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Sub-Series A (NPFGC), 5.00%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>6/01/35</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>12,070</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>12,002,529</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>East Bay Municipal Utility District,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Refunding RB, Sub-Series A (AMBAC),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.00%, 6/01/37</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>14,510</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>14,630,578</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Los Angeles Department of Water &amp;</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Power, RB (AGM):</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Power System, Sub-Series A-1,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.00%, 7/01/31</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,993</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5,037,058</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>System, Sub-Series A-2, 5.00%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>7/01/35</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>7,500</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>7,502,850</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Metropolitan Water District of Southern</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>California, RB, Series A (AGM), 5.00%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>7/01/35</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>12,870</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>12,965,366</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="52%"></TD>

   <TD width="17%"></TD>

   <TD width="29%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Municipal Bonds Transferred to Tender</FONT>&nbsp;</TD>

   <TD align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Par</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Option Bond Trusts (c)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(000)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 8px" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Value</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" bgColor=#bfd5eb align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>California (concluded)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Utilities (concluded)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Rancho Water District Financing</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Authority, Refunding RB, Series A</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(AGM), 5.00%, 8/01/34</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 5,008</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 4,967,014</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Sacramento Regional County Sanitation</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>District, RB, Sacramento Regional</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>County Sanitation (NPFGC), 5.00%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>12/01/36</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,500</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,501,800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>San Diego County Water Authority, COP,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Refunding:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series 2002-A (NPFGC), 5.00%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5/01/32</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>10,000</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>10,011,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series 2008-A (AGM), 5.00%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5/01/33</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>16,740</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>16,759,586</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>San Diego County Water Authority, COP,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series A (AGM), 5.00%, 5/01/31</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,017,280</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>101,419,922</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Transportation &#8212; 1.8%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>San Mateo County Transportation</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Authority, Refunding RB, Series A</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(NPFGC), 5.00%, 6/01/32</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>10,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>10,005,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Total Municipal Bonds Transferred to</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Tender Option Bond Trusts &#8211; 56.3%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>315,576,830</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Total Long-Term Investments</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(Cost &#8211; $983,515,043) &#8211; 172.5%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>966,528,573</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Short-Term Securities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Shares</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>BIF California Municipal Money Fund,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>0.04% (d)(e)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>13,523,765</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>13,523,765</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Total Short-Term Securities</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(Cost &#8211; $13,523,765) &#8211; 2.4%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>13,523,765</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Total Investments</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(Cost &#8211; $997,038,808*) &#8211; 174.9%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>980,052,338</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Other Assets Less Liabilities &#8211; 0.6%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3,494,715</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Liability for Trust Certificates, Including Interest</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Expense and Fees Payable &#8211; (30.2)%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(169,106,377)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Preferred Shares, at Redemption Value &#8211; (45.3)%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(254,016,240)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Net Assets Applicable to Common Shares &#8211; 100.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 560,424,436</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif><BR>* The cost and unrealized appreciation (depreciation) of investments as of</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>April 30, 2011, as computed for federal income tax purposes, were as</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>follows:</FONT></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="54%"></TD>

   <TD width="45%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Aggregate cost</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 827,795,993</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Gross unrealized appreciation</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$&nbsp;&nbsp;&nbsp;&nbsp; 6,241,922</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Gross unrealized depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(22,928,733)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Net unrealized depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ (16,686,811)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="80%"></TD>

   <TD width="19%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4 BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND, INC.</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2011</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_6"></A><BR>

<P style="TEXT-ALIGN: left"><FONT color=#000080 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif><FONT size=1>BlackRock MuniHoldings California Quality Fund, Inc. (MUC)</FONT><BR>Schedule of&nbsp;Investments <FONT size=2>(continued)</FONT> <BR><BR></FONT><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(a) Represents a zero-coupon bond. Rate shown reflects the current yield as</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>of report date.</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(b) When-issued security. Unsettled when-issued transactions were as</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>follows:</FONT></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="33%"></TD>

   <TD width="45%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Unrealized</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Counterparty</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Value</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Appreciation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Piper Jaffray</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 9,618,338</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 7px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&nbsp;$<FONT size=3 face="Times New Roman">&nbsp;</FONT>4,823</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif><BR>(c) Securities represent bonds transferred to a tender option bond trust in</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>exchange for which the Fund acquired residual interest certificates.</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>These securities serve as collateral in a financing transaction.</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(d) Investments in companies considered to be an affiliate of the Fund</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>during the period, for purposes of Section 2(a)(3) of the Investment</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Company Act of 1940, as amended, were as follows:</FONT></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="22%"></TD>

   <TD width="20%"></TD>

   <TD width="22%"></TD>

   <TD width="20%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Shares</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Shares</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Held at</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Held at</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>July 31,</FONT>&nbsp;</TD>

   <TD align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Net</FONT>&nbsp;</TD>

   <TD align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>April 30,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Affiliate</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2010</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Activity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2011</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Income</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>BIF California</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Municipal</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Money Fund</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>71,270,966</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(57,747,201)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>13,523,765</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&nbsp;$4,770</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif><BR>(e) Represents the current yield as of report date.</FONT><BR><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#8226; </FONT><FONT color=#231f20 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>For Fund compliance purposes, </FONT><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>the Fund&#8217;s sector classifications refer to</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>any one or more of the sector sub-classifications used by one or more</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>widely recognized market </FONT><FONT color=#231f20 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>indexes or ratings group indexes, and/or as</FONT><BR><FONT color=#231f20 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>defined by Fund management. This definition may not apply for purposes</FONT><BR><FONT color=#231f20 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>of this report, which may combine </FONT><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>sector sub</FONT><FONT color=#231f20 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>-classifications for reporting</FONT><BR><FONT color=#231f20 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>ease.</FONT></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="1%"></TD>

   <TD width="9%"></TD>

   <TD width="22%"></TD>

   <TD width="21%"></TD>

   <TD width="12%"></TD>

   <TD width="17%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#8226;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Financial futures contracts sold as of April 30, 2011 were as follows:</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Notional</FONT>&nbsp;</TD>

   <TD align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Unrealized</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Contracts</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Issue</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Exchange</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Expiration</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Value</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>200</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>10-Year U.S. Treasury Note</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Chicago Board of Trade</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>June 2011</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 23,702,745</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ (525,380)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="61%"></TD>

   <TD width="30%"></TD>

   <TD width="7%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND, INC.</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2011</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT color=#000080 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif><FONT size=1>BlackRock MuniHoldings California Quality Fund, Inc. (MUC)</FONT><BR>Schedule of Investments </FONT><FONT color=#000080 size=2 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(concluded)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#8226;Fair Value Measurements - Various inputs are used in determining the fair</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>value of investments and derivative financial instruments. These inputs</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>are summarized in three broad level for financial reporting purposes as</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>follows:</FONT><BR><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#8226;Level 1 &#8212; price quotations in active markets/exchanges for identical</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>assets and liabilities</FONT><BR><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#8226;Level 2 &#8212; other observable inputs (including, but not limited to: quoted</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>prices for similar assets or liabilities in markets that are active, quoted</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>prices for identical or similar assets or liabilities in markets that are not</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>active, inputs other than quoted prices that are observable for the</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>assets or liabilities (such as interest rates, yield curves, volatilities,</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>prepayment speeds, loss severities, credit risks and default rates) or</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>other market-corroborated inputs)</FONT><BR><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#8226;Level 3 &#8212; unobservable inputs based on the best information available</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>in the circumstances, to the extent observable inputs are not available</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(including the Fund's own assumptions used in determining the fair</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>value of investments and derivative financial instruments)</FONT><BR><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>The inputs or methodologies used for valuing securities are not necessarily</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>an indication of the risk associated with investing in those securities. For</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>information about the Fund's policy regarding valuation of investments and</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>derivative financial instruments and other significant accounting policies,</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>please refer to the Fund&#8217;s most recent financial statements as contained in</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>its semi-annual report.</FONT><BR><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>The following tables summarize the inputs used as of April 30, 2011 in</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>determining the fair valuation of the Fund's investments and derivative</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>financial instruments:</FONT></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="23%"></TD>

   <TD width="25%"></TD>

   <TD width="18%"></TD>

   <TD width="14%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Valuation Inputs</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Level 1</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Level 2</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Level 3</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Total</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Assets:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Investments:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Long-Term</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Investments</FONT><SUP><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1</FONT></SUP>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#8212;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $966,528,573</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#8212; </FONT></TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$<FONT size=3 face="Times New Roman">&nbsp;</FONT>966,528,573</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Short-Term</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Securities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 13,523,765</FONT>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>13,523,765</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Total</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 13,523,765&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$966,528,573</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#8212; </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$<FONT size=3 face="Times New Roman">&nbsp;</FONT>980,052,338</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=4 align=left><SUP><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1 </FONT></SUP><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>See above Schedule of Investments for values in each sector.</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="29%"></TD>

   <TD width="20%"></TD>

   <TD width="17%"></TD>

   <TD width="14%"></TD>

   <TD width="17%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Valuation Inputs</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Level 1</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Level 2</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Level 3</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Total</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Derivative Financial Instruments</FONT><SUP><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2</FONT></SUP>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Liabilities:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Interest rate contracts</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ (525,380)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 10px" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>---</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 8px" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>---</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ (525,380)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" colSpan=4 align=left><SUP><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2</FONT></SUP><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Derivative financial instruments are financial futures contracts, which are valued at the unrealized</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>appreciation/depreciation on the instrument.</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="80%"></TD>

   <TD width="19%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>6 BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND, INC.</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2011</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 2 &#150; Controls and Procedures</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2(a) &#150; The registrant's principal executive and principal financial officers or persons performing</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">similar functions have concluded that the registrant's disclosure controls and procedures (as</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">31940 Act3)) areeffective as of a date within 90 days of the filing of this report based on the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2(b) &#150; There were no changes in the registrant's internal control over financial reporting (as defined</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant's last fiscal quarter</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">that have materially affected, or are reasonably likely to materially affect, the registrant's</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">internal control over financial reporting.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 3 &#150; Exhibits</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Certifications &#150; Attached hereto</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the undersigned, thereunto duly authorized.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniHoldings California Quality Fund, Inc.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/S/ John M. Perlowski</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John M. Perlowski</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniHoldings California Quality Fund, Inc.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: June 24, 2011</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company Act of 1940, this report has been signed below by the following persons on behalf</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the registrant and in the capacities and on the dates indicated.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/S/ John M. Perlowski</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John M. Perlowski</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer (principal executive officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniHoldings California Quality Fund, Inc.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: June 24, 2011</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/S/ Neal J. Andrews</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Neal J. Andrews</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Financial Officer (principal financial officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniHoldings California Quality Fund, Inc.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: June 24, 2011</FONT></P>

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<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">EX-99.CERT</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">THE SARBANES-OXLEY ACT OF 2002</FONT></B><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock MuniHoldings California Quality</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Fund, Inc., certify that:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1. I have reviewed this report on Form N-Q of BlackRock MuniHoldings California Quality Fund, Inc.;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">material fact necessary to make the statements made, in light of the circumstances under which such statements were made,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">not misleading with respect to the period covered by this report;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">designed under our supervision, to ensure that material information relating to the registrant, including its</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">which this report is being prepared;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) designed such internal control over financial reporting, or caused such internal control over financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting and the preparation of financial statements for external purposes in accordance with generally</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">accepted accounting principles;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">days prior to the filing date of this report, based on such evaluation; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">d) disclosed in this report any change in the registrant's internal control over financial reporting that</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">materially affect, the registrant's internal control over financial reporting; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the registrant's board of directors (or persons performing the equivalent functions):</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">summarize, and report financial information; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) any fraud, whether or not material, that involves management or other employees who have a significant</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">role in the registrant's internal control over financial reporting.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: June 24, 2011</FONT><BR>
<BR>
<U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/S/ John M. Perlowski</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John M. Perlowski</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer (principal executive officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniHoldings California Quality Fund, Inc.</FONT></P>

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<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">EX-99.CERT</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">THE SARBANES-OXLEY ACT OF 2002</FONT></B><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock MuniHoldings California Quality</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Fund, Inc., certify that:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1. I have reviewed this report on Form N-Q of BlackRock MuniHoldings California Quality Fund, Inc.;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">material fact necessary to make the statements made, in light of the circumstances under which such statements were made,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">not misleading with respect to the period covered by this report;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">designed under our supervision, to ensure that material information relating to the registrant, including its</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">which this report is being prepared;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) designed such internal control over financial reporting, or caused such internal control over financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting and the preparation of financial statements for external purposes in accordance with generally</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">accepted accounting principles;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">days prior to the filing date of this report, based on such evaluation; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">d) disclosed in this report any change in the registrant's internal control over financial reporting that</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">materially affect, the registrant's internal control over financial reporting; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the registrant's board of directors (or persons performing the equivalent functions):</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">summarize, and report financial information; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) any fraud, whether or not material, that involves management or other employees who have a significant</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">role in the registrant's internal control over financial reporting.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: June 24, 2011</FONT><BR>
<BR>
<U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/S/ Neal J. Andrews</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Neal J. Andrews</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Financial Officer (principal financial officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniHoldings California Quality Fund, Inc.</FONT></P>

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